Dyepkazah Shibayan, Abuja
Speaker of the House of Representatives, Hon. Yakubu Dogara, has said that until key players in the Nigerian economy list their businesses on the Nigerian Stock Exchange, (NSE), the market will not deepen and make progress.
Dogara said this in Abuja when he received members of the Capital Market Master Plan Implementation Council in his office, Wednesday.
The Speaker said the House is willing to provide all necessary support, through legislations, incentives and any other instruments to compel all major companies in the country get listed on NSE.
“One of the deepest issues that we have to address is that of value that is being created and completely taken away by corporations.
“In other words, in some jurisdictions, they refer to it as corporate greed; where some companies are generating value investing in Nigeria, reaping profits but you find out that nine people will sit and just share billions in profit. I am not exaggerating, it is happening right now in Nigeria and I am glad you listed one of them.
“But by listing on the Nigerian Stock Exchange, it even helps in the income improvement of the ordinary citizen because they can invest in that company and whatever profits the company makes goes round and that reflects on the economy. But that is not what is happening”, he said.
Dogara however expressed happiness that the council has come up with a plan for moving the Nigerian Stock Market ahead, adding that if democracy cannot deliver on the goods to Nigerians, then democracy is on trial.
He further urged the council to look into tightening the regulatory power of Securities and Exchange Commission (SEC) to ensure that manipulators of the NSE are properly sanctioned as a deterrent to future misdeeds, and to restore investors’ confidence in the market.
The Reps Speaker also stressed need for defined timelines for achieving set objectives in revamping the sector, while explaining that is the only way to ensure that the whole process does not become another talk shop.
Earlier, head of the council, Mr. Olutola Mobolurin, had urged the Speaker to partner with the council to rebuild NSE in order to grow the economy and diversify it.
He also sought legislative intervention in defining the roles of the Investment and Securities Tribunal, amendments to the law with regards to mutualisation of NSE, legislate clearly on unclaimed dividends, crowd funding, price stability in commodities market, trustees act and the housing sector through mortgage bank securities.